CREDIT Information Corp. (CIC), the country's public credit registry and repository of credit information, supports the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) in the implementation of a ceiling for interest rates and other fees for specific loans, offered by lending companies (LCs), financing companies (FCs) and their online lending platforms (OLPs).
"The CIC is one with SEC and BSP in protecting the welfare of Filipino borrowers from unsustainable interest rates, arising from excessive hedging and risk provisioning during the pandemic while improving access to credit as we work towards full economic recovery," expresses Ben Joshua Baltazar, president and chief executive officer of CIC.
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